KINEUM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KINEUM
Largest movements
- Tangible fixed assets +€207,569
up €207,569 (+35.4%), from €587,052 to €794,621
of which Land and buildings: +€254,222
- Cash -€13,138
down €13,138 (-27.4%), from €47,933 to €34,795
mainly Investment in fixed assets (net) (-€245,806) and Trade debts (-€12,195)
- Other debts +€69,286
up €69,286 (+60.7%), from €114,191 to €183,477
- Debts after one year +€62,297
up €62,297 (+14.8%), from €422,215 to €484,512
- Reserves +€33,107
up €33,107 (+33.6%), from €98,419 to €131,526
- Current portion of long-term debt +€14,425
up €14,425 (+87.7%), from €16,440 to €30,866
- Profit (loss) carried forward +€13,994
no longer reported in 2025 (was -€13,994)
- Depreciation -€58,336
down €58,336 (-57.4%), from €101,572 to €43,236
- Gross operating margin +€28,628
up €28,628 (+25.7%), from €111,579 to €140,207
- Financial charges +€11,872
up €11,872 (+111%), from €10,728 to €22,600
- Taxes +€7,561
new in 2025: €7,561
- Staff costs +€5,945
up €5,945 (+50.9%), from €11,681 to €17,626
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €674,307 | €858,044 | +€183,737 | +27.2% |
| Fixed assets | 21/28 | €613,696 | €816,265 | +€202,569 | +33.0% |
| Intangible fixed assets | 21 | €26,644 | €21,644 | -€5,000 | -18.8% |
| Tangible fixed assets | 22/27 | €587,052 | €794,621 | +€207,569 | +35.4% |
| Land and buildings | 22 | €517,616 | €771,837 | +€254,222 | +49.1% |
| Plant, machinery and equipment | 23 | €8,490 | €13,081 | +€4,591 | +54.1% |
| Furniture and vehicles | 24 | €3,824 | €9,702 | +€5,878 | +154% |
| Other tangible fixed assets | 26 | €57,122 | - | -€57,122 | |
| Current assets | 29/58 | €60,611 | €41,779 | -€18,832 | -31.1% |
| Amounts receivable within one year | 40/41 | €864 | €2,377 | +€1,513 | +175% |
| Trade receivables | 40 | €766 | €1,800 | +€1,034 | +135% |
| Other amounts receivable | 41 | €98 | €577 | +€478 | +488% |
| Cash at bank and in hand | 54/58 | €47,933 | €34,795 | -€13,138 | -27.4% |
| Deferred charges and accrued income | 490/1 | €11,814 | €4,607 | -€7,207 | -61.0% |
| Total equity and liabilities | 10/49 | €674,307 | €858,044 | +€183,737 | +27.2% |
| Equity | 10/15 | €94,425 | €141,526 | +€47,101 | +49.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €98,419 | €131,526 | +€33,107 | +33.6% |
| Distributable reserves | 133 | €98,419 | €131,526 | +€33,107 | +33.6% |
| Profit (loss) carried forward | 14 | -€13,994 | - | +€13,994 | |
| Amounts payable | 17/49 | €579,882 | €716,518 | +€136,636 | +23.6% |
| Amounts payable after more than one year | 17 | €422,215 | €484,512 | +€62,297 | +14.8% |
| Financial debts | 170/4 | €422,215 | €484,512 | +€62,297 | +14.8% |
| Amounts payable within one year | 42/48 | €157,667 | €231,499 | +€73,832 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €16,440 | €30,866 | +€14,425 | +87.7% |
| Trade debts | 44 | €23,739 | €11,544 | -€12,195 | -51.4% |
| Suppliers | 440/4 | €23,739 | €11,544 | -€12,195 | -51.4% |
| Taxes, remuneration and social security | 45 | €3,297 | €5,613 | +€2,316 | +70.3% |
| Taxes | 450/3 | €376 | €1,872 | +€1,496 | +398% |
| Remuneration and social security | 454/9 | €2,921 | €3,741 | +€820 | +28.1% |
| Other amounts payable | 47/48 | €114,191 | €183,477 | +€69,286 | +60.7% |
| Accrued charges and deferred income | 492/3 | €0 | €507 | +€506 | +422,042% |
| Remuneration, social security and pensions | 62 | €11,681 | €17,626 | +€5,945 | +50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,572 | €43,236 | -€58,336 | -57.4% |
| Other operating charges | 640/8 | €1,595 | €2,240 | +€645 | +40.4% |
| Gross operating margin | 9900 | €111,579 | €140,207 | +€28,628 | +25.7% |
| Operating profit (loss) | 9901 | -€3,269 | €77,104 | +€80,373 | |
| Financial income | 75/76B | €3 | €158 | +€155 | +4,578% |
| Recurring financial income | 75 | €3 | €158 | +€155 | +4,578% |
| Financial charges | 65/66B | €10,728 | €22,600 | +€11,872 | +111% |
| Recurring financial charges | 65 | €10,728 | €22,600 | +€11,872 | +111% |
| Profit (loss) for the period before taxes | 9903 | -€13,994 | €54,662 | +€68,656 | |
| Income taxes | 67/77 | - | €7,561 | +€7,561 | |
| Profit (loss) for the period | 9904 | -€13,994 | €47,101 | +€61,095 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,994 | €47,101 | +€61,095 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.